Item 2.02. Results of Operations and Financial Condition.
On April 28, 2022, LeMaitre Vascular, Inc. (the "Company") issued a press
release regarding its preliminary financial and operational results for the
quarter ended March 31, 2022. A copy of the press release is furnished as
Exhibit 99.1 to this Report.
The information in this Item 2.02, including Exhibit 99.1 attached hereto, is
intended to be furnished and shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or
otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933 or the
Exchange Act, except as expressly set forth by specific reference in such
filing.
Item 2.05. Costs Associated with Exit or Disposal Activities.
On April 26, 2022, the Company committed to a plan to close its St. Etienne,
France factory in order to streamline its manufacturing operations and to reduce
expenses. The Company expects production of all devices manufactured in St.
Etienne will halt, and the site will close, by June 30, 2022. The Company will
terminate the employment of all personnel at that site in connection with the
closure. The Company estimates that it will incur total expenses relating to
employment terminations of approximately $2.7 million, all of which represent
cash expenditures. In addition, the Company estimates that it will incur
expenses related to the impairment of fixed assets, inventory and intangible
assets of approximately $0.5 million. This factory closure will result in a
total of approximately $3.2 million of special charges. The Company expects to
record $3.1 million of these charges in 2022.
Disclaimer on Forward-Looking Statements
This current report on Form 8-K contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements
regarding the Company's business that are not historical facts may be
"forward-looking statements" that involve risks and uncertainties.
Forward-looking statements are based on management's current, preliminary
expectations and are subject to risks and uncertainties that could cause actual
results to differ from the results predicted. These risks and uncertainties
include risks and uncertainties included under the heading "Risk Factors" in the
Company's most recent Annual Report on Form 10-K, as updated by its subsequent
filings with the SEC, all of which are available on the Company's investor
relations website at http://www.lemaitre.com and on the SEC's website at
http://www.sec.gov. Undue reliance should not be placed on forward-looking
statements, which speak only as of the date they are made. The Company
undertakes no obligation to update publicly any forward-looking statements to
reflect new information, events, or circumstances after the date they were made,
or to reflect the occurrence of unanticipated events.
Item 9.01. Financial Statements and Exhibits.
The following exhibits are furnished or filed as part of this Report, as
applicable:
(d) Exhibits.
Exhibit No. Description
99.1 Press release issued by LeMaitre Vascular, Inc. on April 28, 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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